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Business Briefing / Earnings

Sprint Nextel reports wider loss

July 30, 2009|TIMES WIRE REPORTS

Sprint Nextel Corp., the third-largest U.S. mobile-phone company, reported a wider loss than analysts had expected as new devices failed to win customers away from AT&T Inc.'s iPhone.

The net loss widened to $384 million, or 13 cents a share, Sprint said. Analysts expected a loss of 9 cents. Revenue fell 10% to $8.14 billion.

Sprint shares fell 54 cents, or 11.8%, to close at $4.05.

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